[APM AUTOMOTIVE HOLDINGS BHD：在缅甸Bago的工厂即将开业；该厂位于Bago河以西约2.6公里处，面积约为30英亩；运营的第一阶段将涉及公共汽车座椅的生产和组装]

在应用MFRS 16时，这集团以前作为预付租赁付款和经营租赁确认的租赁土地资产现在被分类并确认为使用权资产。因此，这使集团能够在2019年12月31日确认3170万令吉的重估盈余。因有重估盈余，该公司的每股净资产从2018年的6.31令吉增加3.2％至健康的6.51令吉。

4Q19 vs 4Q18：
这集团的收入在19年第四季从3.826亿令吉微升1.0％至3.863亿令吉，主要是由于内饰和塑料事业部的OEM客户的需求增加推动，19年第4季度开始为新车型供应新零件。相比之下，集团的税前利润（PBT）下降至1,690万令吉，较18年第四季度的2,440万令吉下降30.7％。

YTD19 vs YTD18：
在截至2019年12月31日的财政年度中，以其内饰和塑料事业部为首的集团总收入增长12.2％至15亿令吉，上一年度为13亿令吉。该增长归因于自2018年底和2019年下半年以来推出新型号后，原始设备制造商（“ OEM”）零件的需求增加，他们为本地化型号提供新零件。尽管收入有所增长，但该集团的税前利润为6880万令吉，较上年的7740万令吉降低了11.1％。

悬架事业部：
不利的产品组合，较低的收入和产量以及较高的能源成本（天然气价格上涨了2次，即2019年1月上涨0.37％，2019年7月上涨5.3％）是造成140万令吉亏损的因素，而在18年第4季则录得200万令吉盈利。在今年迄今的基础上，该部门录得110万令吉的亏损，而去年同期则为盈利880万令吉。

内饰和塑料部门：
与去年同期相比，本季度内饰和塑料部门的收入和PBT分别增长了5.1％和17.7％。自2018年底和2019年下半年推出了新型号以来，由于为本地化型号提供了新零件，因此某些OEM客户的需求更高，这是该部门收入增长的主要原因。该部门的PBT增长与收入的增长以及有利的产品组合（产生更高的利润）相一致。同样，在该年度，该部门的收入和PBT分别从9.085亿令吉稳步增长至11.175亿令吉和6210万令吉至9070万令吉。

电气与热交换部：
本季度，该部门的PBT下降24.5％，至150万令吉。在2019年的12个月期间，PBT从去年的710万令吉减至430万令吉。

市场部：
该事业部的PBT从110万令吉增加至19年第四季的210万令吉。 PBT较高是由于本季度的物流成本降低（出口销售降低）所致。在year-to-date上，营销部门的bottom line下降了30.3％或310万令吉，而2018年的PBT为1030万令吉。

马来西亚不可报告的部门：
非报告部门的收入从去年同期的1820万令吉，微升4.9％至本季度的1910万令吉，这主要是由于铝零件业务的铸造加工的销售额增加以及集团间账单服务的增加。尽管收入增加，该部门仍录得70万令吉亏损，而2018年同期则为盈利340万令吉。在2019年全年，该部门录得280万令吉税前亏损（“ LBT”），而2018年的PBT为210万令吉。

印尼业务：
印尼业务的收入从18年第四季度的1,300万令吉增长9.2％至1,420万令吉，这主要是由于OEM客户（为其备件中心）对减震器的需求增加。 Indonesia Operations的LBT从去年同期的390万令吉恶化至880万令吉。从年初至今，印尼业务的LBT为2,350万令吉，高于去年的1,150万令吉。

所有其他部门：
马来西亚境外业务的收入呈上升趋势，比上一季度增长3.7％，达到3020万令吉，主要是由于越南业务的空调产品销量增加。尽管收入增加，该部门的LBT仍停滞在200万令吉，这主要是由于他们在越南的合资企业所确认的亏损（由于销量下降）。与季度回顾类似，该部门收入从年初至今的1.222亿令吉增加至1亿2910万令吉，同时录得670万令吉的LBT，而一年前为200万令吉。

4Q19 vs 3Q19：
该集团的收入微增0.4％，而PBT则录得21.9％的增长，从上一季度的1,380万令吉增至1,690万令吉。悬浮和热交换部门的销售额下降，PBT下降。内饰和塑料部门在19年第四季度继续收到某些OEM客户的更高call-in。相应地，这些部门的收入和PBT增加了。所有其他部门的LBT均不受影响。

前景：
多样化一直是APM应对全球经济不确定性的总体战略的一部分，因为它们旨在通过将其全部资本和资源不仅仅集中在一个区或产品，从而将其风险最小化，从而限制其潜在损失，从而将其分散在各个国际市场中。

在这方面，他们在缅甸Bago的工厂即将开业。该厂位于Bago河以西约2.6公里处，面积约为30英亩。运营的第一阶段将涉及公共汽车座椅的生产和组装。这家位于Bago的工厂是其进入印度支那汽车市场的催化剂，据信该市场目前正在快速增长。

从最近收购战略性定位的第一座Kota Deltamas约25,788平方米的工业物业开始，也正在计划扩大其在印尼的市场份额。该物业距离现代汽车在印度尼西亚的第一个新的USD1.5B制造工厂不远，该工厂据称具有每年生产250,000辆汽车的能力。

此外，政府为抑制Covid-19疫情在马来西亚爆发的影响而出台的备受期待的刺激计划，应能减轻对经济崩溃的担忧。他们认为该流行病是暂时的，并且可以预期在不久的将来全球经济将会反弹。 APM将继续谨慎处理业务，并强调成本管理和运营效率。
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James Ng Stock Pick Performance:
Since Recommended Return:

a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM2.05 (dividend RM0.04) in 1 year 7 months 22 days, total return is 192.3%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.48 (dividend RM0.04) in 1 year 9 months 2 days, total return is 91.2%

c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.87 (adjusted)(dividend RM0.055) in 10 months 1 day, total return is 75.1%

d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.85 in 1 year 2 months 14 days, total return is 47.8%

e) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM1.90 (dividend RM0.148) in 1 Year 5 months 27 days, total return is 28.8%

我希望将我的策略分享给读者，希望他们在阅读后能够表现出色。我正在使用基本面分析（Fundamental Analysis）：

预计公司每年的增长率必须> 14％

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James Ng
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[APM AUTOMOTIVE HOLDINGS BHD: their plant in Bago, Myanmar is due to commence operation soon; located around 2.6km to the west of Bago River, this plant is approximately 30 acres in size; phase One of operations will involve the production and assembly of bus seats]

In applying MFRS 16, the Group’s leasehold land asset, which were previously recognized as prepaid lease payments and operating lease are now classified and recognised as Right-of-Use asset. This consequently enabled the Group to recognize a revaluation surplus of RM31.7 million as at 31 December 2019. The net assets per share of the company increased by 3.2% to a healthy RM6.51 from RM6.31 in 2018, mainly due to the revaluation surplus.

4Q19 vs 4Q18:
The Group’s revenue rose marginally by 1.0% in Q4’19 from RM382.6 million to RM386.3 million mainly due to higher demands from OEM customers of the Interior and Plastic Division, driven by the commencement of supply of new parts for new model launch in Q4’19. In contrast, the Group’s Profit Before Tax (“PBT”) dropped to RM16.9 million, a dip of 30.7% from RM24.4 million in Q4’18.

YTD19 vs YTD18:
For the financial year ended 31 December 2019 and led by its Interior and Plastics Division, the Group’s overall revenue grew by 12.2% to RM1.5 billion, compared to the preceding year of RM1.3 billion. The growth was attributed to the increase in the demand for Original Equipment Manufacturer (“OEM”) parts following the supply of new parts for localization content and new model launches since the end of 2018 and second half of 2019. However, despite such revenue growth, the Group’s PBT was lower by 11.1% at RM68.8 million compared to RM77.4 million a year ago.

Suspension Division:
Unfavourable product mix, lower revenue and production volume and higher energy costs (there were 2 price increases for natural gas, i.e. in January 2019 by 0.37% and July 2019 by 5.3%) were factors that contributed to a loss of RM1.4 million compared to a profit RM2.0 million registered in Q4’18. On the year to date basis, the Division recorded a loss of RM1.1 million compared to a profit of RM8.8 million a year ago.

Interior & Plastics Division:
For the current quarter compared to last year corresponding quarter, the Interior & Plastics Division experienced growth in both revenue and PBT by 5.1% and 17.7% respectively. The higher demands by certain OEM customers following the supply of new parts for localization content and new model launches since the end of 2018 and 2nd half of 2019 were the major contributors to the Division’s improved revenue. The Division’s PBT increased in line with the increase in revenue coupled with favorable product mix that generated higher margin. Likewise, for the whole year, revenue and PBT of the Division increased steadily from RM908.5 million to RM1,117.5 million and RM62.1 million to RM90.7 million respectively.

Electrical & Heat Exchange Division:
This quarter, the Division’s PBT was lower by 24.5% at RM1.5 million. For the 12-month period of 2019, PBT weakened to RM4.3 million from RM7.1 million registered in previous year.

Marketing Division:
The Division’s PBT increased from RM1.1 million to RM2.1 million in Q4’19. The higher PBT was caused by lower logistic cost (lower export sale) in the current quarter. On the year-to-date basis, the Marketing Division’s bottom line decreased by 30.3% or RM3.1 million compared to 2018’s PBT of RM10.3 million.

Non-reportable segment, Malaysia:
The Non-reportable segment’s revenue increased marginally by 4.9% to RM19.1 million in the current quarter from RM18.2 million in last year corresponding quarter largely due to higher sales from the casting and machining of aluminum parts business and higher inter-group billings of services. Despite the higher revenue, the Division registered a loss of RM0.7 million against a profit of RM3.4 million in corresponding quarter of 2018. For whole year of 2019, the Division reported a Loss before Tax (“LBT”) of RM2.8 million against a PBT of RM2.1 million in 2018.

Indonesia Operations:
The Indonesia Operations’ revenue increased by 9.2% to RM14.2 million from RM13.0 million recorded in Q4’18 mainly due to higher demands for shock absorbers from OEM customers (for their spare parts centre). LBT of the Indonesia Operations worsen to RM8.8 million from RM3.9 million same quarter of last year. On year-to-date basis, the Indonesia Operations registered higher LBT of RM23.5 million compared to LBT of RM11.5 million last year.

All Other Segments:
Revenue for the Operations outside Malaysia is on an uptrend with growth of 3.7%, quarter on quarter to RM30.2 million dominated by higher sales of air-conditioning products in the Vietnam operations. Despite the improved revenue, LBT of the Division remained stagnant at RM2.0 million mainly due to loss recognised on their joint-venture in Vietnam (due to lower sales). Similar to the quarterly review, the segment revenue increased from RM122.2 million to RM129.1 million on year-to-date basis, whilst registering a LBT of RM6.7 million compared to a LBT of RM2.0 million a year ago.

4Q19 vs 3Q19:
The Group’s revenue was marginally higher by 0.4%, whilst PBT registered higher growth of 21.9% to RM16.9 million from RM13.8 million in the preceding quarter. The Suspension & Heat Exchange Divisions experienced lower sales and lower PBT. The Interior & Plastics Division continues to receive higher call-in from certain OEM customers in Q4’19. Correspondingly, these Divisions’ revenue and PBT increased. All Other Segments Division’s LBT remained unaffected.

Prospects:
Diversification has always been part of APM’s overall strategy to counter global economic uncertainties as they aim to minimize their risks exposure and limit potential losses by not concentrating all their capital and resources solely in one jurisdiction or products, hence, their presence in various international markets.

In this respect, their plant in Bago, Myanmar is due to commence operation soon. Located around 2.6km to the west of Bago River, this plant is approximately 30 acres in size. Phase One of operations will involve the production and assembly of bus seats. This Bago plant is a catalyst enabling their entry into the Indo-China automotive market, which is believed to be currently experiencing rapid growth.

Plans are also underway to enhance their market presence in Indonesia, commencing with the recent acquisition of a strategically located piece of industrial property measuring approximately 25,788 m2 in the first phase Kota Deltamas. This piece of property is located not far from Hyundai Motor’s first new USD1.5B manufacturing plant in Indonesia which is reputed to have the capacity of producing up to 250,000 vehicles annually.

Additionally, the much anticipated stimulus package from the Government to dampen the impact of the Covid-19 outbreak in Malaysia should allay fears of an economic meltdown. They share the sentiments with those who believe that the epidemic is temporary and global rebound can be expected in the near future. APM will continue to exercise prudence in its business dealings and emphasis in cost management as well as operational efficiency.
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I wish to share my strategy to readers, hope that they can perform well after reading this. I am using Fundamental Analysis:

the forecasted growth of a company must > 14% per year

I wish to convince readers to learn FA in order to make money from stock market.

I am providing STOCK PICK SERVICE for readers who want to make money from Malaysian stock market. Those who want to subscribe to my mailing list to achieve a good return from stock market, you can contact me at jamesngshare@gmail.com or PM me in my FB page.

This sharing is purely a discussion and analysis of the sector, buying or selling at your own risk. Please Like and Share this post. Final decision is always yours, thank you.

James Ng